Shares of Open Orphan PLC (LON: ORPH) today surged 6.38% after the company announced that its Venn Life Sciences subsidiary, which focuses on drug development, had won two new contracts that start immediately
The first contract which starts right away is a COVID-19 study for a European pharmaceutical company involving 200 patients in 50 sites across 5 countries globally. Venn’s Paris team will manage the randomisation and supply management for this randomised, double-blind, placebo-controlled Phase 2 Clinical Trial.
Venn’s team located in Breda, the Netherlands, also signed a contract with a European pharma company that will see it assist with the project management, design and implementation of new processes related to clinical development, and use its expertise to deliver process improvement. The contract, which also starts immediately, will run until December 2021 delivering significant revenues for Venn.
Cathal Friel, Executive Chairman, Open Orphan, said: “As we come towards the end of 2020, it’s wonderful to see all the elements of the Open Orphan business are delivering substantial revenues and both new contract wins and renewal of existing long-term customer contracts. The merger and integration of Open Orphan, Venn and hVIVO is very much now complete and having become profitable in Q4 2020, we now have a very valuable, fast-growing and secure business on our hands.
Both Venn and hVIVO are converting their substantial pipeline of work whilst providing a high-quality service to their customers. The Paris team’s contract is a further demonstration of our work in the fight against COVID-19 and the contract win by our Dutch Breda team shows how we continue to generate repeat business through our expertise.
Open Orphan share price
Open Orphan shares today surged 6.38% to trade at 25p having rallied from Friday’s closing price of 23.5p.